HLI vs. APO

Last updated Jun 9, 2026

HLI (Houlihan Lokey, Inc.) and APO (Apollo Global Management, Inc.) are both stocks. Both are in the Financial Services sector — HLI in Capital Markets, APO in Asset Management. Over the past 10 years, HLI returned 21.57%/yr vs 28.04%/yr for APO. At a 0.42 correlation, their price movements are largely independent.

Performance

HLI vs. APO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Houlihan Lokey, Inc. (HLI) and Apollo Global Management, Inc. (APO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HLI achieves a -20.61% return, which is significantly lower than APO's -11.14% return. Over the past 10 years, HLI has underperformed APO with an annualized return of 21.57%, while APO has yielded a comparatively higher 28.04% annualized return.

HLI

• 1D: -1.54%
• 1M: -9.87%
• YTD: -20.61%
• 6M: -21.92%
• 1Y: -21.42%
• 3Y*: 16.12%
• 5Y*: 14.31%
• 10Y*: 21.57%

APO

• 1D: -0.36%
• 1M: -3.82%
• YTD: -11.14%
• 6M: -6.37%
• 1Y: -2.88%
• 3Y*: 22.38%
• 5Y*: 19.80%
• 10Y*: 28.04%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HLI vs. APO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HLI Houlihan Lokey, Inc.	-20.61%	1.64%	47.04%	40.67%	-13.88%	57.04%	40.61%	36.33%	-17.20%	49.30%
APO Apollo Global Management, Inc.	-11.14%	-11.12%	79.87%	49.44%	-9.59%	53.25%	8.00%	106.46%	-22.03%	85.29%

Correlation

The correlation between HLI and APO is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (10Y) Calculated over the trailing 10-year period	0.44
Correlation (All Time) Calculated using the full available price history since Aug 13, 2015	0.42

The correlation between HLI and APO has been stable across timeframes, ranging from 0.42 to 0.52 - a consistent structural relationship.

Fundamentals

Market Cap HLI : $9.33B APO : $75.90B
EPS HLI : $6.22 APO : $3.58
PE Ratio HLI : 22.06 APO : 35.61
PEG Ratio HLI : 6.82 APO : 0.09
PS Ratio HLI : 3.59 APO : 2.58
PB Ratio HLI : 3.98 APO : 4.09
Total Revenue (TTM) HLI : $2.62B APO : $29.68B
Gross Profit (TTM) HLI : $1.37B APO : $26.52B
EBITDA (TTM) HLI : $636.63M APO : $9.28B

Return for Risk

HLI vs. APO — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HLI

HLI Risk / Return Rank: 13
HLI Sharpe Ratio Rank: 8
HLI Sortino Ratio Rank: 11
HLI Omega Ratio Rank: 11
HLI Calmar Ratio Rank: 19
HLI Martin Ratio Rank: 15

APO

APO Risk / Return Rank: 37
APO Sharpe Ratio Rank: 39
APO Sortino Ratio Rank: 34
APO Omega Ratio Rank: 33
APO Calmar Ratio Rank: 40
APO Martin Ratio Rank: 39

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HLI vs. APO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Houlihan Lokey, Inc. (HLI) and Apollo Global Management, Inc. (APO). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	HLI	APO	Difference
Sharpe ratio: Return per unit of total volatility	-0.84	-0.08	-0.76
Sortino ratio: Return per unit of downside risk	-1.03	0.13	-1.16
Omega ratio: Gain probability vs. loss probability	0.87	1.02	-0.15
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.08	-0.56
Martin ratio: Return relative to average drawdown	-1.22	-0.17	-1.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HLI vs. APO - Sharpe Ratio Comparison

The current HLI Sharpe Ratio is -0.84, which is lower than the APO Sharpe Ratio of -0.08. The chart below compares the historical Sharpe Ratios of HLI and APO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HLI	APO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.84	-0.08	-0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.52	0.54	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.81	0.74	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	0.77	0.58	+0.19

Drawdowns

HLI vs. APO - Drawdown Comparison

The maximum HLI drawdown since its inception was -36.57%, smaller than the maximum APO drawdown of -56.99%. Use the drawdown chart below to compare losses from any high point for HLI and APO.

Drawdown Indicators

	HLI	APO	Difference
Max Drawdown Largest peak-to-trough decline	-36.57%	-56.99%	+20.42%
Max Drawdown (1Y) Largest decline over 1 year	-33.67%	-34.97%	+1.30%
Max Drawdown (3Y) Largest decline over 3 years	-33.67%	-42.82%	+9.15%
Max Drawdown (5Y) Largest decline over 5 years	-36.57%	-42.82%	+6.25%
Max Drawdown (10Y) Largest decline over 10 years	-36.57%	-53.48%	+16.91%
Current Drawdown Current decline from peak	-33.67%	-26.97%	-6.70%
Average Drawdown Average peak-to-trough decline	-9.56%	-16.37%	+6.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.58%	16.62%	+0.96%

Volatility

HLI vs. APO - Volatility Comparison

The current volatility for Houlihan Lokey, Inc. (HLI) is 6.97%, while Apollo Global Management, Inc. (APO) has a volatility of 8.60%. This indicates that HLI experiences smaller price fluctuations and is considered to be less risky than APO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HLI	APO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.97%	8.60%	-1.63%
Volatility (6M) Calculated over the trailing 6-month period	18.86%	27.16%	-8.30%
Volatility (1Y) Calculated over the trailing 1-year period	25.72%	35.27%	-9.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.93%	37.07%	-9.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.86%	37.82%	-10.96%

Dividends

HLI vs. APO - Dividend Comparison

HLI's dividend yield for the trailing twelve months is around 1.82%, more than APO's 1.64% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
APO Apollo Global Management, Inc.	1.64%	1.38%	1.10%	1.81%	2.51%	2.90%	4.72%	4.23%	7.86%	5.53%	6.46%	12.91%
HLI Houlihan Lokey, Inc.	1.82%	1.36%	1.30%	1.82%	2.32%	1.56%	1.90%	2.46%	2.74%	1.76%	2.12%	0.57%

Financials

HLI vs. APO - Profitability Comparison

The chart below illustrates the profitability comparison between Houlihan Lokey, Inc. and Apollo Global Management, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HLI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Houlihan Lokey, Inc. reported a gross profit of 201.88M and revenue of 635.64M. Therefore, the gross margin over that period was 31.8%.

APO - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Apollo Global Management, Inc. reported a gross profit of 4.93B and revenue of 4.93B. Therefore, the gross margin over that period was 100.0%.

HLI - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Houlihan Lokey, Inc. reported an operating income of 125.15M and revenue of 635.64M, resulting in an operating margin of 19.7%.

APO - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Apollo Global Management, Inc. reported an operating income of 330.00M and revenue of 4.93B, resulting in an operating margin of 6.7%.

HLI - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Houlihan Lokey, Inc. reported a net income of 99.84M and revenue of 635.64M, resulting in a net margin of 15.7%.

APO - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Apollo Global Management, Inc. reported a net income of -1.91B and revenue of 4.93B, resulting in a net margin of -38.7%.

Frequently Asked Questions

Can I hold both HLI and APO in my portfolio?

HLI and APO have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HLI or APO?

APO has higher volatility (8.60%) compared to HLI (6.97%). In terms of maximum drawdown, HLI dropped -36.57% vs APO's -56.99%.

Which has better risk-adjusted returns?

APO currently has the higher Sharpe Ratio (-0.08 vs -0.84), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.